8 Tips for for brands pursuing NFTs

We are already moving to the phase where NFT fatigue is becoming a thing. Trend and hype-based NFTs are declining in appeal and value. People don’t want NFTs just promoted by influencers, celebrities, and brands. They are looking for a value-oriented segment. Otherwise, the NFTs will lose their value. Thus, making it more volatile than it is supposed to be (by the way this is a real topic : do brands want people to buy like crazy on the secondary market - giving them in the meantime additional revenues with the royalties - or they would prefer to have their consumers to hold the NFT showing their loyalty to the brand?)

Here is a compiled list of tips that could help brands excel and reap real benefits of the NFT world:

1. Don’t Aim For Short-Term Profits

There’s a misconception that NFTs are short-term trends. They did explode in such a fashion, but now the world is moving towards value-oriented NFTs. People have started to differentiate between the value and hype.

No short-term NFT for the sake of growing profit will work at this point. Most of these projects are bound to bomb before even starting. It is never a good idea to rush the project. When you have existing assets its not trivial to link them to an NFT you need to carefully envision how you will deliver value in the long term. And that takes time. Building and animating the discord, the twitter community, creating whitelist, optimizing the NFT price and supply are all real topics, but only the beginning as the real story starts post minting of the NFT so make sure that you have built a long term offering to your holders.

2. Provide Values To NFTs?

There are many ways to add values to NFTs. For instance, providing Fragment-based NFTs that will enable users to collect them. After collecting all the pieces, customers can redeem a full-fledged NFT high in value or redeem the NFTs for real-life products.

However, that is just a short-term value. What happens to NFTs when they are redeemed? Well, they should either be burned off or continue to grow in value or retain their value. This can be done by offering exclusive offers and perks to certain NFT holders. For instance, exclusive Airdrops of NFTs, and discounts, among other things.?

A value for each individual is different. Some just want to be part of the journey and have limited collectibles.?

3. Practice Authenticity And Exclusives?

Remember that each NFT is exclusive and one-of-a-kind. You can offer these NFTs customization to further personalize each NFT. However, they all should be authentic, limited edition, and exclusive.

If people feel that just anyone can get the NFTs without any perceived value, the NFTs will drop in value. They will just turn into some wrappers or scabs in the digital world.?

4. Leave Future Potentials In The NFTs

Offering one-time redemption like discounts, free merchandise, or monetary value would work for short-term NFT usage and hype. However, if you genuinely want to provide them with values, think about the future.

One of the best things about NFTs is the customization. By offering something similar to Nike with their evolution series for CryptoKicks, you can keep the value for the NFTs. In the future, Nike plans on launching evolution for CryptoKicks, which will be available for holders of MNLTH 2 Vault that users received from RTFKT with the Genesis CryptoKicks release.?Adidas too is planning to give additional rewards once owners claim the merchandise from their NFT

5. Community Growth And Proper Promotion?

As stated, there’s no need to rush. Community growth and creating the right trajectory are integral to an NFT’s success. Proper promotions would be ideal, and these aren’t just celebrity and influencer endorsements.?

Discord has become a hub for NFT conversations. Twitter has become a part of NFT news and updates. It is time for brands to acknowledge such platforms and incorporate them to keep their patrons in the loop.?

6. Establish NFT Or Metaverse Authority?

Nobody wants to become a part of a project with backers who seem to know nothing about NFTs. Many brands are entering the NFT projects without any speck of understanding. This gives an impression of incompetency, which isn’t great for traction.

Therefore, building proper NFT authority by hiring experts in the field would be optimum for the brands.?Hire young interns, they are NFT native. Gaming is at the core of Web3 and they understand it better than anyone.

7. Scoping Out Potential NFT Projects For Partnerships?

The metaverse is an open realm free from the chains of borders, laws, and centralization. Companies can reap benefits by partnering with different NFT games and projects. By doing so, companies can significantly enhance the value of their NFTs and the chances of success.

If you’re an existing brand tap into the love Web3 users have with their communities (like Adidas with Bored Ape Yacht Club)

8. Use NFTs For VR / AR Narratives?

Everyone wants to feel like they are part of a journey and someone important. NFTs can offer clips or glimpses through the Virtual Reality and Augmented Reality collectives. Imagine sharing the story of your brand through a VR or AR experience.

Anyone would admire such an approach. Becoming part of the journey, experience and emotions are what everyone wants.?

Bottom Line?

Recent NFT sales and launch events have proven that even if the market declines or slows down, NFTs will remain popular. Even YouTube is working on incorporating NFTs into its system. Therefore, it is integral for brands to utilize the opportunity of the NFTs and excel in the Metaverse before the competitors can.?

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